5 Mistakes to Avoid When Opening a Business

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  Opening a business can be an frightening journey filled with opportunities and challenges. However, numerous pitfalls can hinder your progress. Here are five critical mistakes to avoid when embarking on your entrepreneurial endeavor: Neglecting Market Research: One of the most common mistakes new entrepreneurs make is pitching into a business idea without thoroughly understanding the market. Failing to conduct comprehensive market research can lead to a disparity between your product or service and customer needs. Analyze the demand, competition, target audience, and current trends. Understand your customers' pain points, preferences, and purchasing behavior to tailor your offering accordingly. Ignoring a Solid Business Plan: A well-crafted business plan is a roadmap for success. Skipping or hastily drafting this crucial document can impede your business's growth. A solid plan outlines your objectives, target market, financial projections, marketing strategies, and op...

Closing sales: 10 mistakes to avoid to sell more

Both in the field of love and in the world of marketing and sales, conquest and seduction are very valuable . Obviously, we are not trying to equate marketing with love; but it's funny how in both cases you have to avoid certain mistakes and follow some advice for the "first date." Probably what we want is to attract, know and make known, listen, not give the wrong first impression and, above all, exceed expectations.

Find out what procedure you have to follow until you reach the closing of sales and which errors are the ones that take their toll the most.

More than 40% of salespeople and salespeople throw in the towel after the first "no" from a potential customer or after a first contact . However, the sales strategy is not about that: 80% of sales takes time, better plan each contact, follow a sequence of actions and even contact MQL prospects (qualified marketing leads) more than 5 times. ) .

A multitude of factors influence the customer-company relationship . There are many books and theories that explain how buying behavior works, what pushes us as people to buy one brand or another. But in this article we will begin to explain the famous AIDA model and why it is important to know the Buyer's Journey to structure the sales department . This way you will understand everything you need to know to improve your sales closing percentage.

The AIDA buyer's journey model

The most common thing is that we do not achieve the sale in a first web visit (or in person), in a first contact or call ... That is why it is necessary to establish the different meetings between the company and the potential client, as well as set the next step to follow until the sale is more likely. For this, it is necessary to know at all times in which stage of the buying cycle each person is.

We all go through the phases of the AIDA model when making any type of purchase, from a chocolate bar to a vehicle. AIDA is the acronym for the words awareness, investigation, decision and action.

We will explain them to you right away!

Stages to know to sell more

We briefly summarize what the main stages of the purchasing cycle that characterize the AIDA model consist of.

1. Awareness

The first stage is the first awareness or wake-up call . This first moment is, so to speak, the first contact, but not with our product, but with the consumer's own need or problem. For example, the purchase of the vehicle may have started even before the driver got his driver's license, when he realized that he had to have a private means of transport to get around and save time.

So, when we have a certain need and we discover a product or service that could satisfy us, we begin a process of consciousness.

2. Research (interest)

Once we have managed to awaken the attention of the potential client, a stage of research or interest begins , since they must discover what type of product or service can satisfy their need. It is in these moments when it is necessary to offer information about the suitability of the product to solve that need. To do this, we talk about the advantages of the product and what it can bring you, we provide you with a series of advice and expert opinions, etc.

Depending on the type of product, this stage will be more or less close to the closing of the sale.

3. Decision (decision)

Then we come to the decision phase, which is the moment when the potential client has different options to choose from . Depending on what you have valued, you will choose what is best for you. A decision that is made based on how our product can meet your need, as opposed to the competition or other substitute products. That's when you can offer product demos or free trials, for example.

4. Action (action)

Finally, we are in the action phase, which is the purchase itself. In this phase the client is already convinced of what he wants, which is why the economic transaction takes place. What you have to focus on from now on is the after-sales process and generating a satisfactory experience .

The buyer's journey

As you have seen, knowing what the prototype path that the buyer person traces is like from the moment they are aware of a problem or need until they buy from us is essential. This "path" or journey is what we call "buyer's journey" or buying cycle , and knowing how it happens is not only important to increase sales, but to structure the sales department itself and how it relates to marketing professionals .

With the rise of the internet, the phases of awareness and research are especially more accessible, since we all have a device at our disposal 24/7 with which to make all kinds of queries and comparisons. With such acute competition, any information is too little to come close to a safe sale.

Different process depending on the product or service

Depending on the product or service, we will have different sales processes; It is not the same to work with products that are cheaper or that belong to much more impulsive purchases (such as the chocolate bar) than with products that require a greater process of investigation and consideration (the car).

In this sense, when we are faced with products that have longer purchase cycles, the importance of inbound marketing and inbound sales should be taken into account. These methodologies are nourished by the buyer's journey to accompany the user with the appropriate message, at the appropriate time and place to optimize their progress through the different stages of purchase.

Setting up the sales department to sell more

At a structural level, the sales department must be organized according to the characteristics and needs of the buyer's journey , since each company makes up its sales department in a certain way. Some are more complex than others, some are more aligned with the marketing and communication department, others have a more operational focus, etc.

The important things is to be very clear about how we want this department to work , how we want to approach consumers and through what channels .

These are some recommendations to keep in mind before setting up the sales department:

             Know the number of team members we need : it will depend on the number of potential clients, the contacts we have, the value of the products, etc.

             Design of the department structure , which will depend on the type of company, the product and the clients. This structure can be organized by territory (geographical area assigned to each salesperson or group of salespeople), by product (or service) or by market , when the business has several distribution channels.

             Follow a thorough recruitment process , who will need to have a range of skills and knowledge.

             Carry out an internal training process so that all commercial agents internalize the philosophy of the company, its objectives and, above all, know both the buyer person and the characteristics and benefits of the products.

             Implement an appropriate sales software that provides us with the necessary tools to carry out inbound sales . In this way, we can achieve our sales goals with the help of a series of automated actions and accurate data tracking at all times. A good example is the HubSpot Sales Hub .

The 10 mistakes to avoid when closing sales

Once we know how our ideal customer profile follows the different stages of the sales cycle and we have properly configured our sales department, it is time to talk about the mistakes to avoid at all costs when approaching the potential customer.

Follow these tips point by point to optimize the sales closing and improve the experience you offer to your customers.

1. Poor management of expectations

Lying, exaggerating, or snowballing is the worst thing we can do to achieve sales goals. If we end up promising things that our product cannot deliver, dissatisfaction is guaranteed.

What to do then?

We must take into accounts the characteristics of the potential client with whom we are going to deal and if the product we offer is adequate to meet their needs. If you don't know what their expectations are, ask what they expect from your product.

2. Not knowing your buyer persona

To prepare well the sale and the argumentation used, it is necessary to know the potential client.

Be clear about the motivations of the buyer persona that can drive them to purchase, that is, find out what makes your product or service can help them improve or solve their needs.

Once we have identified these points, we can build a much more attractive speech and with the right approach to increase sales closings. The trick is to explain in a flat and transparent way how the product or service can help your customer. Starting the speech from here is already a point earned.

3. Demean the first impression

You have to have the speech very structured and well studied to give answers in a coherent and fast way, so that the user is satisfied with the presentation we make.

In a face-to-face or telephone communication , it influences more than what it seems how to speak, the pauses that are made, what tone of voice is used, how questions are answered, etc. Try to empathize with your potential client, remember his name, paraphrase what he says, get him to speak and pay attention to what he says.

In an online communication , you also have to take great care of the details. Personalize the information to the maximum, use short sentences and try to direct the conversation towards a next meeting where you can listen to each other or even be face to face.

4. Not thinking about the flow of opportunities that come to you

You have to think about how the flow of opportunities that come to you is like, that is, for most commercial opportunities you have to know what are the channels through which prospects arrive, how they have known us, if they are recommended, etc.

Why know the channel?

This will help us, for example, to see if word of mouth can work ... It is even convenient to get a rough idea of how much they know about the product and the company; so we will know what they may need.

5. Do not personalize: treat everyone the same and do not adapt the speech

Although you have to have a basic speech, a line to follow, with the key characteristics to highlight, it is important to leave a certain margin for personalization . We must differentiate the message based on whether we are addressing a CEO or not, for example. If not, do not underestimate the "filter" person, who will lead us to the decision maker, as they will try to avoid our sales strategies as much as possible.

 globalmarketingguide     bloomersweb      techbizcenter     marketing2business    

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